CA Sri Lanka, Kuwait Chapter holds Technical Sessions
CA Sri Lanka and Kuwait Chapter hosted their Technical Sessions for its members and the professionals from Sri Lanka. The members of the Chapter and other professionals from Sri Lanka have attended the Technical Sessions. The Technical Sessions mainly featured on the key developments around the globe and within the MENA region in connection with taxation and possible implementation of new regulations.
The Chapter’s first Technical Session covered 5 percent Tax Retentions Regulations in Kuwait & its practical applicability, and the Value Added Tax (VAT) in Kuwait/GCC, which was held at Hotel Crowne Plaza, Farwarniya. The Second Technical session of the Chapter covered Base Erosion and Profit Shifting (BEPS) and high-level briefing on The Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). Kuwait has already entered into an InterGovernmental Agreement with the USA to report information on the Foreign Financial Institution’s US accounts.
Kula Kulaseelan, the President of the Chapter and the Presenter/Facilitator of Chapter’s Technical Sessions, said “most of the members of the Chapters are working in the Financial, Auditing and Commercial Sectors. Therefore, the Chapter’s Executive Committee has decided to have Technical Sessions on taxation as to develop and to refresh members’ knowledge on taxation. Further, with the expansion of the Kuwaiti companies’ operations outside Kuwait, it is important for the members of the Chapter to know BEPS and its impact.
The CA Sri Lanka - Kuwait Chapter office bearers for the year 2016 are: President Kula Kulaseelan, Vice President Rizqi Rasooldeen, Secretary Reyaz Kair, Treasurer Zuhrie Safwan, and the Executive Committee members Mohamed Aslam, Asoka Rupasinghe, Nandana Kalubowila, Upul Rajapakse, Susantha Dissanayake, Deeptha Wimalasena and Dasun Jayawardena.
The Chapter will have its 2ndAnnual General Meeting shortly to elect its new office bearers under the Patronage of HE, the Ambassador of Sri Lanka in Kuwait, Kaandeepan Balasubramaniam.